Synlait Milk (SML) Investor presentation summary

Board and governance updates

• Board composition includes independent and Bright Dairy-appointed directors, with Paul Washer retiring and Julia Zhu nominated for election.

• Board committees focus on audit & risk and people, environment & governance.

• Resolutions include director re-election, new director election, auditor remuneration, and approval of North Island asset sale.

• Proxy voting results show overwhelming support for all resolutions, each passing with over 99% approval.

Strategic and operational priorities

• Recent actions include a $130m shareholder loan, equity raise, bank refinancing, and a2 Milk Company settlement.

• North Island assets to be sold to Abbott for approximately NZ$307 million, with proceeds used for debt reduction.

• Focus on executing a balance sheet reset, developing future strategy, and exploring diversification opportunities.

• Operational excellence, strategic partnerships, and a premium product pipeline are key to sustainable growth.

Financial and performance outlook

• Return to profitability signaled in March 2025, with HY25 results confirming positive performance.

• FY26 priorities include operational stability, quality performance, culture, financial resilience, and customer satisfaction.

• Strong South Island business, high-quality Canterbury milk supply, and world-class facilities underpin future growth.

• Sale of North Island assets expected to complete by April 2026, marking a significant turning point.